Crumbling Bitmain needs to close their Amsterdam offshore office
In the context of “adjustments to staff and activities”, Bitmain is closing another vital office, this time in Amsterdam. No timeline is known, but the decision has been taken and the process initiated.
What is happening at Bitmain?
It is the second overseas bitmain office that closes in the past 2 months. Earlier it was announced that the Israeli R & D branch of the mining giant was closed. The primary reason for closing was the persistent bear market.
It is now known that it concerns “adjustments to business operations”. The office in Amsterdam is now closed under that flag. No details are known yet about when the office closes permanently. The process would have been set in motion. On LinkedIn there are 9 profiles of Bitmain employees in Amsterdam. The focus of the work from Amsterdam would be on the management of Bitmain’s mining pool BTC.com.
Over the past two weeks, more reports came out about Bitmain, all around the same theme: adjusting to bearmarket and strategic changes.
For example, there was a huge cut in the number of employees in Bitmain’s mining company in Rockdale. In July Bitmain had big plans, and would bring 400 jobs to the Texan town. The organization also changes at a higher level. CEOs Jihan Wu and Micree Zhan both have given up their position. Presumably, their duties are taken over by Wang Haichao, who at the moment already fulfills a high position within the company.
This are all signs of a disastrous year for Bitmain. It is still unknown what the new business strategy will focus on, but it is clear that they are looking for activities outside the mining industry. Whether and especially how Bitmain comes to resurrection is still a big questionmark.